In the ever-dynamic cryptocurrency market, Bitcoin is currently making headlines again, this time for topping above $107,000. This milestone comes on the heels of a significant Bitcoin transfer by the defunct crypto exchange, Mt. Gox. Over 1,620 Bitcoins, valued at over $172.5 million, were moved to an unidentified wallet. This follows a previous transfer of 24,000 Bitcoins by Mt. Gox to unknown wallets two weeks prior. As Bitcoin continues its upward trajectory, investors are optimistic about the possibility of Bitcoin reaching $120,000 by the end of 2024, a sentiment fueled by rumors of President-elect Donald Trump considering the creation of a US Bitcoin strategic reserve.
In other news, FTX, the collapsed crypto exchange, has announced the commencement of customer repayments in early January 2025. The exchange is working in collaboration with BitGo and Kraken, crypto custodian and crypto exchange respectively, to distribute assets to its retail and institutional investors. The move comes after the collapse of FTX in November 2022 and the subsequent sentencing of five top executives, including former CEO Sam Bankman-Fried.
CyberKongz, a platform for non-fungible tokens (NFTs), has received a Wells notice from the U.S Securities and Exchange Commission (SEC). The notice, which indicates potential securities law violations, stems from SEC’s concern about the issuance of an ERC-20 token with a blockchain game without it being registered as a security. CyberKongz has, however, maintained that its Genesis Kongz NFTs issued in April 2021 were not a sale but a contract migration.
In related news, the renomination of Caroline Crenshaw for a second term at the SEC has been halted following a canceled US Senate vote. The vote, initially scheduled for December 11, was postponed amid discord between Democrats and Republicans. This has sparked criticism from Brian Armstrong, CEO of Coinbase, who expressed his disapproval of Crenshaw’s stance on Bitcoin ETFs.
Lastly, Injective and Sonic are partnering to build the first cross-chain artificial intelligence (AI) agent hub. Utilizing Sonic’s HyperGrid technology, the AI agent hub will integrate Solana and Injective ecosystems and offer developers the tools needed to create, deploy, and monetize AI agents across the decentralized ecosystem. This innovative move is a testament to the continuous evolution and potential of the crypto market.
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